The Affinia Group , a motor industry company, was formed in 2004 and specialized in the design, manufacture and replacement of parts for on and off-road vehicles, particularly filtering and chassis components.
The company is headquartered in Ann Arbor, Michigan with approximately ten thousand employees in nineteen countries. In 2014 the company set up the Gastonia, NC campus in the Charlotte area as headquarters for a streamlined company that has $ 1.5 billion in sales annually.
Affinia was created through the acquisition of the $ 1 billion Automotive Aftermarket Group from Dana Holding Corporation by The Cypress Group.
Video Affinia Group
History
In December 2012 Affinia sells Raybestos car brakes, Brake Parts Inc., to the management team at an undisclosed price. In 2011 Brake Parts accounted for about a third of Affinia's sales.
In October 2013 Affinia announced it had hired an executive from Charlotte, North Carolina, Steve Klueg, to become their new chief financial officer. Klueg replaces Thomas Madden at Affinia. By the time the move was announced, WIX had 1,300 employees in four locations around Gastonia, NC. Collectively Affinia has more than 5,000 workers in 30 facilities around the world.
In early August, 2014 Affinia Group has moved its corporate headquarters to Gastonia, NC from Ann Arbor, Michigan. The completion of the move coincided with the 75th anniversary of the establishment of a subsidiary of Affinia, WIX filtration Corporation. Both companies now share the same headquarters. President and CEO at the time, Keith Wilson, explained that after the sale of Brake Parts in early 2013 and chassis units in early 2014, it did not make sense fiscally to maintain a stand-alone headquarters for Affinia in Ann Arbor. The chassis unit is sold to Federal-Mogul.
At the time of the move, Affina earned $ 1.5 billion per year in revenue, compared to $ 2.5 billion before the sale of a subsidiary. All that remains of Affinia in August 2014 is WIX and Affinia South America. At the moment Affinia employs 4,500 workers in the US, South and Central America, Canada, Europe and Asia.
In April 2015 private equity firm Cypress Group, owner of Affinia Group, asked Baird's investment bank to find buyers for their auto filter business. In 2014, the filtration subsidiary posted a profit of $ 156 million before taxes, interest, depreciation and amortization. Sales in 2014 reached $ 967 million. The entire Affinia Group has a total debt of $ 766 million by the end of 2014.
In 2016 Mann Hummel acquired the Affinia Group and Affinia filter business basically no longer exists.
Maps Affinia Group
References
Source of the article : Wikipedia
0 Comments